Central Pattana Public Company Limited (SET: CPN) recorded core profit of THB 4.83 billion for the third quarter of 2026, a 15% increase from a year earlier and 4% above the preceding quarter. Citi maintained its “Buy” recommendation with a THB 79 target price, while CLSA rated the company “Outperform” with a THB 74 target.
Rental operations provided the main earnings support, contrasting with continued weakness in residential property. Hotels contributed double-digit annual growth, according to Citi, which said core earnings matched both its forecast and the Bloomberg consensus.
CLSA separately reported that net profit increased 11% year-on-year and 4% quarter-on-quarter. Results were near the higher end of its expectations, with rental gross margins remaining healthy. A larger-than-anticipated profit contribution from associates was counterbalanced by lower other income.
For Citi, the quarter reinforced its assessment of earnings visibility, supported by additional malls and sound operating performance. The bank cited CPN’s business model and unchanged longer-term growth prospects in maintaining its recommendation.
Both brokerages anticipate a strong final quarter of 2026. Citi expects peak-season demand and new tenants at flagship shopping centers to sustain rental performance, with the tenant additions helping visitor traffic and spending.
The bank also forecasts faster hotel revenue growth as meetings, incentives, conferences and exhibitions activity strengthens alongside year-end travel demand.
Residential revenue could still fall short of the previous year’s high comparison base, Citi said. However, more condominium transfers are expected to lift revenue from the third quarter, while CLSA anticipates another solid quarter overall.
